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Floor Speech
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Ms. McCOLLUM. Mr. Speaker, I rise in opposition to H.R. 3633, the Digital Asset Market Clarity Act. S. 1582, the Guiding and Establishing National Innovation in U.S. Stablecoins Act, and H.R. 1919, the Anti- CBDC Surveillance State Act.
While I am opposed to these three bills, I am not opposed to the concept of crypto itself. But I have concerns about how crypto is currently being regulated and the financial security of my constituents who invest or store their dollars in crypto. Rather than considering the three bills before us this week, Congress should consider legislation that puts guardrails in place to protect consumers, prevent fraud, and establish an effective regulatory framework for crypto. Instead, these H.R. 3633, S. 1582, and H.R. 1919 fall short of creating an effective regulatory framework, allow Big Tech and the Trump family to enrich themselves, and stifles innovation at the Federal Reserve.
Now, Mr. Speaker, let me tell you a bit about what these three bills would do. H.R. 3633, which Republicans are calling the CLARITY Act, would carve the crypto industry out from current securities laws and regulations. This would continue to expose consumers to harmful crypto practices. Additionally, the CLARITY Act would not only enable conflicts of interest from Trump and his family through meme coins like $TRUMP, but it would also send the message that Congress approves of the way President Trump is selling access to the White House. That is why I joined Congressman Vindman in sending a letter to the House Committees on Financial Services and Agriculture expressing our serious concern that the CLARITY and GENIUS Acts, including dangerous carveouts for the President and Vice President from conflict-of-interest rules.
S. 1582, the GENIUS Act, is a bipartisan attempt at establishing a framework for stablecoins--a type of cryptocurrency primarily used for trading crypto assets, transacting in goods and services, insulating against local currency instability, and sending payments across borders. While S. 1582 is a step in the right direction, it fails to establish an effective federal framework to regulate stablecoins. The bill also opens up a path for Big Tech and other commercial businesses like Meta, Amazon, and Walmart to amass consolidated power over both commerce and banking services. Each of these corporations are exploring starting their own stablecoins.
Finally, H.R. 1919, the Anti-CBDC Surveillance State Act, would immediately halt and prohibit the United States from exploring the potential benefits of a central bank digital currency (CBDC). This bill would stifle innovation at the Federal Reserve as they research and develop ways to meet the evolving money and payments landscape, keeping the U.S. behind the starting line as other countries race ahead and compete to develop and implement CBDCs. As much of our transactions have moved away from using the physical dollar through the increased use of credit cards, mobile wallets, and cryptocurrencies, the Federal Reserve has been researching ways to innovate the U.S. dollar. Congress should not stifle the ability of the Federal Reserve to meet the needs of our evolving digital age.
Mr. Speaker, rather than putting forward three bills that fail to make consumers safer and stifle innovation, Congress should instead consider a comprehensive regulatory framework for crypto that will promote the responsible development of these digital assets while protecting American consumers and investors. I urge my colleagues to reject H.R. 3633, S. 1582, and H.R. 1919.
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